Temenos Advisory and its CEO Ordered to Pay More Than $2 Million
From the Desk of Jim Eccleston at Eccleston Law LLC:
Final judgment has been entered against Temenos Advisory Inc. and its former CEO George Taylor, the SEC announced. The SEC had charged Temenos and Taylor with putting investor funds in unsuitable investments and concealing commissions. In total, Temenos and Taylor are ordered to pay more than $2 million. The entry of judgment concludes a case that began with the SEC charging Temenos and Taylor in July 2018.
According to the SEC, Temenos and Taylor put more $19 million of investor funds in four risky, illiquid private securities. These investments were made without conducting due diligence or disclosure of the risks, according to the SEC. Temenos and Taylor are also alleged to have concealed the high commissions they received from these investments. Furthermore, the SEC alleged that Temenos and Taylor significantly overbilled some of their advisory clients.
The money Temenos and Taylor are ordered to pay is made up of civil penalties, disgorgement, and prejudgment interest. Temenos is ordered to pay a civil penalty of $775,000, disgorgement of $758,137, and prejudgment interest of $56,706. Meanwhile, Taylor is ordered to pay a civil penalty of $179,618, disgorgement of $321,956, and prejudgment interest of $22,358.
The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities Fraud, Compliance Protection, Breach of Fiduciary Duty, FINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.
Related Attorneys: James J. Eccleston
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